Zurich Insurance to buy MetLife s P&C Unit for US$4b businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
Zurich Insurance Buys MetLife’s P&C Unit for $4B
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Zurich Insurance Group AG agreed to buy of
MetLife Inc.’s U.S. property and casualty business in a $3.94 billion cash transaction, extending its reach in the world’s largest economy.
Zurich’s subsidiary
Farmers Group Inc. and
Farmers Exchanges, which the insurer manages, will fund the purchase jointly, the Swiss company said in a statement on Friday.
Zurich will gain a nationwide presence in the U.S. and access to MetLife’s distribution channels to 3,800 companies for 10 years, the company said. That may help boost revenue at the unit, where gross written premiums declined 3% to $15.3 billion in the third quarter.
By Reuters 2020-12-11T18:27:00+00:00
Zurich Insurance and Farmers Exchanges have agreed to buy MetLife’s U.S. property and casualty business for $3.94 billion, the insurers said on Friday, after the COVID-19 pandemic made motor and home insurers more profitable.
The sector has had a windfall as government lockdowns to curb the spread of infection reduced the number of claims for road accidents and burglaries.
Insurers, such as Zurich, by contrast have faced hefty claims from event cancellation and business interruption and premium rates are rising.
“It is an acquisition that complements very well…what we see on the commercial side where the market is hardening,” Zurich Chief Executive Officer Mario Greco told a media call.
Posted on 4422
Zurich Insurance Group subsidiary Farmers Group, Inc. has announced plan to acquire MetLife’s property and casualty business in the United States with the Farmers Exchanges for USD 3.94 Billion. Zurich will add USD 2.43 Billion through FGI and the Farmers Exchanges USD 1.51 Billion. Farmers Exchanges will benefit by having a nationwide presence and access to new distribution channels with the potential to accelerate growth. Including a 10-year exclusive distribution agreement where Farmers Exchanges will offer personal lines products on MetLife’s U.S. Group Benefits platform which today reaches 3,800 companies and 37 million employees. “The acquisition significantly increases the potential for growth at the Farmers Exchanges and will further boost the share of Zurich’s profits linked to stable fee-based earnings,” said Zurich Group Chief Executive Officer Mario Greco. “Together with the
Breakingviews - Zurich CEO adds feather to cap with MetLife buy reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.